Ann: Quarterly Activities Report - Period Ending 31 January 2019, page-6

1. They won't have the cash to repay the loan in November unless the permitting is completed in the next month or two and they can get the second payment from CMC before the November deadline. So a cap raise in Sept/Oct is very likely, as is sub 10 cents.

2. If they somehow repay the loan without a cap raise then by their own figures, in Jan 2020 they will have $300k in the bank and no loan facility. Their next payment will be $5.5million expected in June 2020. Their expenditure per quarter is roughly $1.6million.
That leaves us $2.9 million short.

3. Some creative accounting in the easy to read, made for shareholders cash flow statement for the next quarter (p11).
Which states:
$540k Corporate and Admin
$750k Exploration
$192k Benagerie Permitting

$1.482 million

Where the cash actually goes as per the submitted quarterly (p18):
$800k Salaries
$410k Corporate and Admin
$250k Exploration
$22k Development

$1.482 million

Just in case you were wondering whose pockets all the cash is going into,
that's nearly 80% of expenditure now going into Salaries and Admin.

4. Apparently, we paid Mark Stewart's company another $50k in the last quarter. This was part of $135k that went to related parties of management.

5. What exactly is Murturoo now expect busy work for HAV employees and Giles, this is now years away from being anything of value to us shareholders.

6. Simec is still here and that is the only positive left. If they buy the iron ore, will it be in time to save us?

Usually, I read the quarterly and feel a bit better about my investment but not now. Even HAV has run out of positive things to say, it's just the usual routine. Drag out Kalkaroo and remind everyone they have it before they pack it away again. Next few days will be interesting as people digest the quarterly.